The IRS has changed how we file our 1040 tax forms. These changes eliminate the 1040a form and make it a schedule A attached to the newly designed 1040 tax form.
If you plan to itemize your deductions, you must fill out and attach Schedule A to the new 1040 tax form.
When you file your taxes online, you won’t have to worry about new forms, schedules, or instructions because they will be automatically supplied and filled out for you.
Table of Contents
What is the 1040a tax form?
Do you have to file a 1040a tax form? What is the 1040a tax form? How do you fill out a 1040a tax form? These are all valid questions that many people have about the 1040a tax form.
In this article, we will answer all of your questions and provide you with all the information you need to know about the 1040a tax form.
Here’s a link to download the 1040a tax form and other important 1040 forms.
Does Form 1040A still exist?
The 1040A and EZ forms are no longer available for tax years beginning in 2018 (the tax return you file in 2019). They have been phased out in favor of the new 1040 and 1040-SR forms.
For those filing prior-year returns, you can continue to use form 1040A or EZ through 2017.
What is the 1040a tax form, and what is it used for?
The 1040a tax form is a shorter version of the 1040 tax form. It is used for taxpayers who have simpler tax returns. The 1040a tax form can be used to report income, deductions, credits, and taxes.
If you are eligible to file a 1040a tax form, it is usually recommended that you do so. This is because the 1040a tax form is shorter and easier to fill out than the 1040 tax form.
If you have a more complex tax return, you will need to use the 1040 tax form instead of the 1040a tax form.
Some examples of situations that would require you to file a 1040 tax form instead of a 1040a tax form include:
- You have self-employment income
- You own a business or rental property
- You have capital gains or losses
- You received unemployment benefits
- You received interest or dividend income from taxable investments
Who needs to file a 1040a tax form, and when are they due?
The 1040a tax form is used by taxpayers who have simpler tax returns. This includes taxpayers who have:
- Income from wages, salaries, and tips
- Interest income
- Taxable refunds, credits, or offsets of state and local income taxes
- IRA distributions
The 1040a tax form is due on April 15th. However, if you need an extension, the 1040a tax form can be filed anytime before October 15th.
Where to Get a 1040a Tax Form
Form 1040a provided by online tax filing (Recommended for easiest filing)
How do you fill out a 1040a tax form correctly, and what information do you need to provide?
To fill out a 1040a tax form correctly, you need to gather all of the required information. This includes your name, address, Social Security number, and income information.
You will also need to calculate your taxable income and determine your tax liability. Be sure to double-check that everything is correct before submitting your tax return!
What are some of the common mistakes people make when filling out their 1040a tax forms, and how can you avoid them?
When it comes to filing your 1040a tax form, people make a few common mistakes. Here are a few tips to help you avoid making these mistakes:
- Make sure you use the correct forms – there are different forms for different types of income, so make sure you use the form that is appropriate for your situation.
- Don’t forget to include all of your income – this includes wages, interest, dividends, and other forms of income.
- Be careful with deductions and credits – it’s important to claim only the deductions and credits that you are entitled to.
- Make sure you sign and date your return – this is an important step, and if your return is not signed and dated, it will not be processed.
- These are just a few of the things to keep in mind when filling out your 1040a tax form.
What happens if you don’t file your 1040a tax form on time or if you make a mistake on it?
If you don’t file your 1040a tax form on time, you could face penalties. The amount of the penalty will depend on how late you file and how much taxes you owe.
If you make a mistake on your 1040a tax form, you can usually fix it by filing an amended return.
However, if the IRS finds out about the mistake before you file the amended return, you could face penalties and interest. So it’s important to double-check your tax return before you submit it.
If you have any questions about the 1040a tax form, be sure to contact a tax professional.
They can help ensure that your return is filed correctly and that you’re taking advantage of all the tax deductions and credits available to you. The first thing you need to do is gather all of your necessary documents.
This includes W2s from employers, any other income statements or 1099 forms, and documentation on business expenses incurred during the past year.
It records of charitable contributions made over $250 in value if applicable, and medical bills paid after March 2018 but before April 2019 (if they are higher than 7.5% of AGI).
Mortgage interest statement(s) showing amounts paid during the last calendar year if claiming itemized deductions, and finally your social security number(s) and date of birth.
Once you have all of this information together, you can fill out the 1040a tax form. The 1040a is shorter than the regular 1040 tax form, so it’s a good option if you don’t have a lot of deductions to claim.
You can find the 1040a form on the IRS website. The deadline to file your 1040a tax form is April 15th, 2019.
However, if you’re unable to submit it by that date, you can request an extension from the IRS. This will give you an additional six months to file your return.
Select Filing Status and List Exemptions
You must list your exemptions and select your filing status before moving on to report your income. This is because each filing status has a different tax bracket for calculating your income.
The good news is your filing status doesn’t affect your exemption amount for yourself and your dependents. This is because exemptions work like deductions, which means they reduce your taxable income.
Therefore, the more exemptions you have, the more your taxable income is reduced, which means the lower your tax liability will be.
The top section of the form also includes a section for you to list the name, social security number, and relationship of all the dependents you are claiming on the form.
Allowable Income on Form 1040A
You can only report specific types of income on this tax form.
For example, you can only include wages, salaries and tips, interest and dividend income, capital gains, IRS, pension and annuity distributions, unemployment compensation, Alaska permanent fund dividends, and social security benefits.
Any other type of income, such as self-employment, must be reported, but you must file the full-length form 1040.
Once you have reported all of your income, you will then be able to claim specific adjustments to get to your adjusted gross income (AGI).
Some of these deductions include educator expenses, IRA contributions, student loan interest, and tuition payments.
Reporting Tax, Credits, and Payments on Form 1040A
The second page of this tax form is where you deduct the standard deduction and your exemption allowances from your AGI to get your taxable income.
After this, it is time to determine how much you owe in taxes by finding the correct range for your taxable income and filing status using the tax tables in the instructions.
When you have determined your tax, you will then claim limited tax credits that you qualify for.
Some of the allowable tax credits include child and dependent care expenses, the earned income credit, the credit for the elderly or disabled, and education tax credits.
These credits reduce your taxes owed by the dollar. Once this is done, you can lower the number even more by subtracting the tax payments you already made during the year via withholdings from your employer.
When to Use Tax Form 1040A
The Difference between Form 1040A and Form 1040
While the filing status and exemption section on the two forms are similar, there are differences between these two forms.
For example, 1040A is much shorter than the standard 1040 form since you can only report a limited amount of income and make some adjustments to your income.
The main difference is Form 1040A doesn’t allow you to itemize your deductions, but Form 1040 does.
Why File Your Taxes Online?
Online tax filing is becoming increasingly popular due to the many benefits it offers taxpayers. One of the biggest advantages is that returns can be processed much faster than through traditional methods.
Additionally, tax forms are typically more accurate when filed online due to the built-in checks and balances.
A W2 Finder can be used to search for W2 forms from any employer in the United States, regardless of the year the form was issued.
If you’ve been dreading filing your taxes for this year, we can help. We’ll walk you through the steps to take so that you have a quick and stress-free experience in filling out your 1040a tax form.
When you file and prepare your federal taxes online, you do not need to know tax forms or tax laws. The current 1040 tax forms will be supplied, and filled out correctly, and the mathematical calculations will be done for you.